cmay2ck
New Member

Scholarship stipend

I received $13967 (W2) in summer wages and $26000 (1099-Misc) in a scholarship stipend (for living expenses as we are not allowed to work during the school year if we accept this scholarship program). 1098T says 55282 box 1 "payments received" and $55767 in box 5 (scholarships). According to the 2023 tax charts, making between 39950 and 40000 would be a tax liability of $4577.  I paid $1319.31 through my summer job, so my liability should be $3258 but Turbo Tax is saying I owe $5557. And smart check review is asking me questions like Principal Business Code, business name, etc. I am a full time student. This is scholarship income, not a personal business. What am I doing wrong?